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ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ST. LOUIS FOR THE YEAR ENDED DECEMBER 3 1 , 1930 ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ST. LOUIS FOR THE YEAR ENDED DECEMBER 3 1 , 1930 FEDERAL RESERVE BANK OF ST. LOUIS DIRECTORS CLASS C TOHN S. WOOD, Chairman of the Board. St. Louis, Mo. TOHN W. BOEHNE, Deputy Chairman, Evansville, Ind. PAUL DILLARD, Memphis, Term. CLASS A JOHN G. LONSDALE, St. Louis, Mo. JOHN C. MARTIN, Salem, 111. MAX B. NAHM, Bowling Green, Ky. CLASS B T. W. HARRIS, St. Louis, Mo. W. B. PLUNKETT, Little Rock, Ark. M. P. STURDIVANT, Glendora, Miss. OFFICERS WM. McC. MARTIN, Governor. OLIN M. ATTEBERY, Deputy Governor. . G. McCONKEY, Counsel and Secretary. A. H. HAILL, S. F. GILMORE, F. N. HALL, C. A. SCHACHT, G. O. HOLLOCHER, Controllers. JOHN S. WOOD, Chairman of the Board and Federal Reserve Agent. C. M. STEWART, Asst. Federal Reserve Agent. E. J. N O W , General Auditor. A. E. DEBRECHT, Assistant Auditor. LOUISVILLE BRANCH DIRECTORS E. L. SWEARINGEN, Chairman, Louisville, Ky. WHITEFOORD R. COLE. Louisville, Ky. EUGENE E. HOGE, Frankfort. Ky. W. F. HUTHSTEINER, Tell City, Ind. W. P. KINCHELOE, Louisville. Ky. JOHN T. REYNOLDS, Greenville, Ky. E. H. WOODS, Lucas, Ky. OFFICERS W. P. KINCHELOE, Managing Director. JOHN T. MOORE, Cashier. EARL R. MUIR, Assistant Cashier. L. A. MOORE, Assistant Auditor. MEMPHIS BRANCH DIRECTORS S. E. RAGLAND, Chairman, Memphis, Tenn. J. W. ALDERSON, Forrest City, Ark. E. L. ANDERSON, Dickerson, Miss. W. H. GLASGOW, Memphis, Tenn. WILLIAM ORGILL, Memphis, Tenn. R. BRINKLEY SNOWDEN, Memphis, Tenn. J. M. TARRANT, Dyersburg, Tenn. OFFICERS W. H. GLASGOW, Managing Director. S. K. BELCHER, Cashier. C. E. MARTIN, Assistant Cashier. LITTLE ROCK BRANCH DIRECTORS MOORHEAD WRIGHT. Chairman, Little Rock, Ark. A. F. BAILEY, Little Rock, Ark. GORDON H. CAMPBELL, Little Rock, Ark. W. A. HICKS, Little Rock, Ark. JO NICHOL, Pine Bluff, Ark. HAMP WILLIAMS, Hot Springs, Ark. STUART WILSON, Texarkana, Ark. OFFICERS A. F. BAILEY, Managing Director. M. H. LONG, Cashier. CLIFFORD WOOD, Assistant Cashier. MEMBER FEDERAL ADVISORY COUNCIL WALTER W. SMITH, St. Louis, Mo. MARCH 2, 1931. —3— LETTER OF TRANSMITTAL FEDERAL RESERVE BANK OF ST. LOUIS St. Louis, February 20, 1931. Gentlemen: I have the honor to transmit herewith the annual report of the Federal Reserve Bank of St. Louis, covering" the year ended December 31, 1930. Respectfully, JOHN S. WOOD, Chairman of the Board and Federal Reserve Agent. FEDERAL RESERVE BOARD, Washington, D. C. 4— TABLE OF CONTENTS BUSINESS CONDITIONS Page 7 8 8 Industry and trade Agriculture Banking FINANCIAL RESULTS Income and expenditures Assets and liabilities Reserve position - 9 9 9 VOLUME OF OPERATIONS Discounts Investments Currency Note circulation Cash items Noncash items Transfers of funds Safekeeping Fiscal agency Gold settlement fund 10 10 10 11 11 11 12 12 ....12 12 RELATIONS WITH BANKS Membership Condition reports Fiduciary applications, etc Publications Other services Visits 13 13 13 14 14 14 INTERNAL ORGANIZATION Conferences Personnel 14 15 EXHIBITS Roster of directors and officers 3 Map of district 6 Chart showing movement of deposits, loans, etc., of reporting member banks..16 Comparative statement of earnings and expenses 17 Chart showing movement of discounts and investments 18 Comparative statement of condition 19 —5— MISSOURI VLLINOIS )INDIANA —6— BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICT No. 8 Industry and Trade.— In common with other parts of the United States and the world, the year 1930 constituted a period of almost unbroken depression in industry and commerce in the Eighth Federal Reserve District. Causes responsible for the universal recession in business were operative in this district, and in addition there were specific influences which tended to make conditions more unfavorable than in other parts of the country. Notable among these was the severe drought, commencing in early summer and continuing with more or less intensity through the remainder of the year. As a result of deficient moisture, late crops, which form the principal agricultural output, were cut to the smallest volume in recent times, many localities suffering complete failures. Superimposed on losses incident to curtailed production, purchasing power in the rural areas further suffered from a decline in market prices of farm products to the lowest average levels recorded in more than a quarter of a century. Excepting for an interruption of minor importance in the spring*, the recession in business activity, which commenced in the fall of 1929, continued steadily during 1930, the final quarter statistics and measurements disclosing the lowest levels of the year. Virtually all manufacturing, wholesaling and jobbing lines were affected, and in addition to heavily reduced volume, profit margins were narrowed and in many instances completely eliminated. Sales of department stores in the principal cities were smaller by 10 per cent than in 1929. The decrease in dollar volume of trade as a whole was partly due to the decline in prices, which was more pronounced in wholesale than in retail lines. There was a heavy decrease in the building industry, most marked in residential building. In the five principal cities of the district the dollar value of building permits issued in 1930 was onethird smaller than in 1929, and 56 per cent less than the average during the preceding eight years. Contracts let for construction in the district in 1930 were approximately one-fifth as large as in 1929 and the five-year average (1925-1929). Freight and passenger traffic of railroads operating in the district receded sharply as contrasted with the volume of the preceding several years. —7— Agriculture. — Taken as a whole, agricultural conditions in the Eighth District during the year were the most unfavorable experienced in more than a quarter of a century. Due to the protracted drought, general business depression, extremely low prices and foreign competition, the farm value of the principal crops produced in the district fell approximately 43 per cent below the aggregate in 1929, and considerably below the ten-year average. With the exception of wheat and oats (which were harvested prior to the drought) and white potatoes, yields of all crops were smaller than during the preceding year. In addition to reduced revenues from field crops, farmers' incomes were further curtailed by smaller receipts from other agricultural activities, such as livestock raising, fruit culture, dairying, and poultry and Qgg production. Throughout the year prices for these products were depressed and market conditions unfavorable. The value of livestock on farms in the district on January 1 was about 30 per cent less than in 1929. While farm wage scales were lower than in the past and other production costs were less, reduced yields per acre militated against important reductions in operating expenses as a whole, and even on most efficiently operated farms profits were disappointing. Banking.— Lower commodity prices, reduced activity in the security markets and the heavily curtailed business volume were reflected in a decrease in the demand for credit during 1930 as contrasted with the several years immediately preceding. The supply of loanable funds was considerably in excess of requirements, and money rates moved continuously downward, reaching their lowest point in December. The discount rate of this bank, which had remained uniformly at 5 per cent since July 19, 1928, was reduced to 4j/2 per cent on February 11; to 4 per cent on April 12 and to Zy2 per cent on August 7. Developments during the year are indicated by the movement of assets and liabilities of the 25 weekly reporting member banks in Evansville, Little Rock, Louisville, Memphis and St. Louis. The average of total loans for the fifty-two report dates was 4.9 per cent smaller than in 1929. Average total investments were 9.2 per cent smaller than in the preceding year. The average of net demand deposits was 2.4 per cent less than in 1929, while time deposits averaged one per cent higher. Borrowings at the reserve bank averaged 88.8 per cent less than in the preceding year. Changes in these items are illustrated by the chart on page 16. A considerable number of banks closed temporarily or permanently in the latter part of the year. OPERATIONS OF FEDERAL RESERVE BANK OF ST. LOUIS Including Branches at Little Rock, Louisville and Memphis. FINANCIAL RESULTS Income and Expenditures. — In 1930 gross earnings were $1,745,685, which compares with $3,247,936 during the preceding year. Current expenses totaled $1,398,936, as against $1,438,418 in 1929. After allowances for depreciation, reserves, etc., the net earnings available for dividends, surplus and franchise tax amounted to only $1,114, as compared with $885,884 during the previous year. The sum of $314,725 was transferred from surplus to meet dividend requirements. A detailed comparative statement of earnings and expenses is given on page 17. Assets and Liabilities. — Between December 31, 1929, and the same date in 1930, total resources of this bank decreased from $228,276,000 to $196,821,000. Holdings of paper discounted for member banks decreased from $17,938,000, to $11,301,000, and investments in Government securities from $29,266,000 to $26,383,000, while bills bought increased from $9,801,000 to $10,788,000. Total cash reserves declined from $125,463,000 to $113,632,000. On the liabilities side, Federal reserve notes in circulation decreased from $94,744,000 to $84,599,000, and total deposits receded from $81,495,000 to $71,352,000, between the dates mentioned. The paid-in capital decreased from $5,268,000 to $5,053,000, and the surplus from $10,877,000 to $10,562,000. A comparative statement of condition of this bank appears on page 19. The movement of principal asset items is shown by a chart on page 18. Reserve Position. — At the end of 1929 the ratio of total reserves to combined deposit and Federal reserve note liabilities stood at 71.2 per cent. On December 31, 1930, the ratio was 72.9 per cent. 9 The high point of the year, 85.7 per cent, was recorded on December 1, and the low point, 65.3 per cent, on January 3. VOLUME OF OPERATIONS Discounts.— A total of $921,410,000 of paper was discounted by the Federal Reserve Bank of St. Louis in 1930 for its member banks, which compares with $3,370,048,000 in 1929. There were 7,156 applications for advances, against 11,629 for the preceding year. Notes discounted numbered 21,944, which compares with 34,642 in 1929. The number of banks accommodated in 1930 was 343, as against 338 in 1929. Member banks' own collateral notes secured by United States securities or eligible paper, represented 22.3 per cent of the number and 96.4 per cent of the value of notes discounted, the balance being customers' paper rediscounted. There was no rediscounting with or for other reserve banks. Investments. — From time to time during the year, this bank participated in the System's open market operations in bills and United States securities. This bank also participated with the Federal Reserve Bank of New York in certain investment transactions for account of banks in foreign countries. A total of 5,260 acceptances, amounting to $93,873,000, was acquired, as compared with 1,624 acceptances, aggregating $26,746,000, in 1929. A number of member banks bought and sold acceptances or Government securities through this institution. Currency.— Demand for currency was active throughout the year, particularly during the final quarter, when heavy calls were made to fortify the cash position of banks in sections affected by suspensions of financial institutions. From all sources there were received and counted in 1930 a total of 118,675,000 pieces of paper money, having an aggregate face value of $504,478,000. This compares with 121,002,000 pieces, with value of $517,441,000, received and counted in 1929. There were received and counted in course of the year 125,866,000 coins, with aggregate value of $13,054,000, as against 149,168,000 coins, worth $15,742,000, in 1929. — 10 — Note Circulation. —In 1930 the Federal Reserve Agent issued to the Federal Reserve Bank of St. Louis, $107,720,000 Federal reserve notes, as compared with $106,760,000 in 1929. The Federal Reserve Bank returned to the Agent, $50,100,000 of fit notes, and the Treasurer of the United States redeemed $74,330,000 of unfit notes of this bank. On December 31, 1930, Federal reserve notes outstanding on the books of the Federal Reserve Agent amounted to $94,870,000, of which 12% was old size currency. These outstanding notes were secured by $74,885,000 of gold and $20,427,000 eligible paper pledged with the Agent. The parent bank and branches held $9,010,000 of the notes outstanding, $1,261,000 were in transit to Washington for redemption, and $84,599,000 were in actual circulation. Cash Items. — While continuing in heavy volume, operations in this department were slightly smaller than during the two preceding years, the decrease being due to depression in general business and to a number of bank suspensions. Checks and warrants handled in 1930 totaled 49,465,000, amounting to $14,409,662,000, which contrasts with 51,131,000 cash items, amounting to $15,603,479,000 in 1929. The number of individual member banks using the clearing facilities at the end of 1930 was 490, as against 534 in 1929. The number of banks exercising the privilege of direct routing of checks payable in other Federal reserve districts was 36, as compared with 39 at the close of 1929. Nonmember banks maintaining clearing accounts with this bank numbered 14, a decrease of three from the preceding year. On December 31, 1930, this institution was collecting checks at par on 1,915 banks, which represented approximately 82 per cent of all banks in the district. Noncash Items. — The collection facilities offered by this bank were more extensively used in 1930 than during previous years. Noncash collection items to the number of 337,000, with aggregate value of $291,854,000, were handled in 1930, as against 265,000 items, amounting to $218,138,000, in 1929. These items consisted of notes, drafts, certificates, coupons (other than Government), etc. In addition, 1,104,000 United States Government coupons, having a total value of $16,521,000, were received and cashed, as compared with 1,218,000, worth $19,261,000, handled during the preceding twelve months. — 11 — On December 31, 1930, there were 64 member banks in the Eighth District which had been granted authority to route direct noncash items payable in other Federal reserve districts, a decrease of ten as compared with a year earlier. Transfers of Funds.— This institution in 1930 effected a total of 117,000 incoming and outgoing wire and mail transfers of funds, involving $6,748,077,000, which compares with 248,000 transfers in 1929, amounting to $6,371,555,000. The transfers were between member banks in this district and other districts, as well as between banks within the district. This bank also handled 16,000 deposits, aggregating $25,332,000, for national banks to their 5 per cent redemption funds at Washington. The number of such deposits and their aggregate amount in 1929 were 17,000 and $34,543,000, respectively. Safekeeping. — The custody department in 1930 received lor safekeeping 113,000 items, of which 91,000 were notes, securities, etc., from outside sources, and 22,000 from other departments of this bank. In 1929 there were 69,000 items received, 32.000 from outside sources and 37,000 from within this bank. In addition, securities were held in custody for account of the United States Treasury. The custody department clipped and accounted for the proceeds of 98,000 coupons, which compares with 111.000 coupons clipped in 1929. Fiscal Agency. — As fiscal agent of the United States Government, this bank, in issuing, redeeming and exchanging Government securities, handled 78,000 pieces, representing $180,292,000, as against 120,000 pieces, amounting to $266,897,000. in 1929. At the close of 1930 there were 111 banks in the district which had qualified to receive deposits arising from the sale of Government securities, as against 146 banks at the end of the preceding year. The amount of Government funds in these institutions was $2,386,000, which compares with $1,363,000 at the end of 1929. This bank held the collateral pledged as security for deposits and performed other duties incident to the deposit and withdrawal of funds. On December 31, 1930, deposits of the United States Government in this bank amounted to $1,089,000, as against $1,197,000, on the same date in 1929. Gold Settlement Fund. — This fund, maintained at Washington by the twelve Federal reserve banks, continued to prove a valuable instrumentality for the settlement of clearings between the — 12 — reserve banks, the transfer of funds between districts, and the transfer of funds for the United States Treasury. Receipts in 1930 from Federal reserve banks and other sources were $2,300,000, smaller than disbursements, resulting in a balance of $18,721,000 to the credit of this bank in the fund at the close of business on the last day of the year. RELATIONS WITH BANKS Membership.— Ten new national banks became members of the Federal Reserve Bank of St. Louis in 1930. The memberships of 36 national banks were terminated, of which 26 were through voluntary liquidation, 8 through involuntary liquidation, and 2 by consolidation. Nine State banks and trust companies became members in course of the year. The memberships of ten State institutions were terminated — 2 through voluntary liquidation, one through involuntary liquidation, one by consolidation, 4 by conversion, and 2 after giving the required notice. On December 31, 1930, this bank had a membership of 552, consisting of 448 national banks and 104 State banks and trust companies. Condition Reports.— Four calls were made by this institution upon State member banks and trust companies for reports of condition. The dates of these calls were: March 27, June 30, September 24 and December 31. The Comptroller of the Currency called on national banks for reports of condition as of the same dates. Copies of periodical reports of condition, semi-annual reports of earnings and dividends, reports of reserve requirements, and reports of examinations of the member banks were received and reviewed. Fiduciary Applications, etc. — During 1930 the Federal Reserve Board granted the applications of nine national banks in the Eighth District to exercise fiduciary powers. Two applications of outlying member banks in St. Louis for reduced reserve requirements were approved. Numerous applications for additional stock and partial surrender of stock were received and handled bimonthly. Several applications of individuals to serve banks coming within the provisions of the Clayton Act were acted upon. There was no addition to the list of member banks authorized to accept bills up to 100 per cent of capital and surplus. Publications. — The statistical division prepared and issued each month a review of trade, industrial, agricultural and financial conditions in the district. The average monthly circulation in 1930 was 5,400, a net increase of about 150 over the preceding year. Copies of the Regulations of the Federal Reserve Board, as amended, and revised pages of the Manual of Facilities of this bank, were mailed to the member banks. The brochure, "Benefits of the Federal Reserve System", was revised and mailed to all banks in the district, as well as to libraries, etc. A supply is maintained for general distribution. Other Services. — This bank continued to furnish the member banks, free of charge, forms for obtaining financial statements, ordinary and exchange drafts for drawing on their balances with it, forms for calculating their reserve positions each day, etc. This institution also continued to absorb certain costs in connection with various services for member banks, such as collection of items, shipments of money, transfers of funds, and safekeeping of notes and securities. Visits. — As in past years, periodical calls were made on member banks by representatives of this institution, except in the latter part of the year, when the field men assisted other departments temporarily. Conventions and group meetings of bankers' associations in the district were attended by officers or the field men. Officers of the bank also responded to requests to address such gatherings, as well as meetings of commercial organizations, educational institutions, etc. A large number of students and other visitors were shown through the buildings of the parent bank and branches during the year. INTERNAL ORGANIZATION Conferences. — The annual conference of directors and officers of the parent bank with directors of the branches was held in St. Louis on May 28. Officers of the branches and of the parent bank met for conference at the head office bimonthly, with a few exceptions. Officers of the parent bank also visited the branches. A meeting of Counsel of the reserve banks was held at Washington in June, and the annual conferences of Federal Reserve Agents and Governors were held there in September. — 14 — Personnel. — In February Micajah P. Sturdivant was elected a Class B director by banks in group 3, to succeed LeRoy Percy, deceased. At its meeting on February 19 the Board of Directors of the parent bank elected John M. Tarrant a director of the Memphis Branch. On May 2, Whitefoord R. Cole was appointed by the Federal Reserve Board as a director of the Louisville Branch for the unexpired term of William Black, deceased. Rolla Wells resigned as Federal Reserve Agent and Chairman of the Board as of May 6. On May 9 the Federal Reserve Board appointed John S. Wood as Class C director, Federal Reserve Agent and Chairman of the Board, to succeed Mr. Wells. Mr. Wood assumed his duties on June 2. The following directors were selected to succeed those whose terms expired at the end of 1930: For Parent Bank. — Max B. Nahm, Class A, elected by member banks in Group 2; James W. Harris, Class B, elected by member banks in Group 1; and John S. Wood, Class C, appointed by the Federal Reserve Board. For Little Rock Branch.—W. A. Hicks and A. F. Bailey, elected by the parent bank, and Hamp Williams, appointed by the Federal Reserve Board. For Louisville Branch.—W. F. Huthsteiner and W. P. Kincheloe, elected by the parent bank, and General E. H. W'oods, appointed by the Federal Reserve Board. For Memphis Branch.— R. Brinkley Snowden and W. H. Glasgow, elected by the parent bank, and E. L. Anderson, appointed by the Federal Reserve Board. On December 31, 1930, the parent bank and its branches had a total of 530 officers and employees, of which 12 were temporary employees. At the end of the preceding year the personnel numbered 533, of which one was a temporary employee. A roster of officers and directors of the parent bank and branches appears on page 3. EXHIBITS As shown by the table of contents, financial exhibits are given on the following pages, while others appear at the front. — 15 DEPOSITS, LOANS, ETC. OF REPORTING MEMBER BANKS In St. Louis. Louisville, Memphis. Little Rock and Evansville. s CURVE 1: Deposits. 1 9 3 0 \ g 2: 3: Borrowings from Federal Reserve Bank. MAF . APR. MAY \\ S lie ^W 5tt /r^/\ \ /A ^ / V \ JULY AUG 1 1 SEP1 . r^\~s\ A\ / v_y / \ V1 ^^ sag S>S 5vv 311 •S't Sii Sio Sol So4 JUNE OCT. NO\ DEC. O t'S il V to? UL 53 + 531 I S (AT CLOSE OF BUSINESS EACH WEDNESDAY) FEB. JAN. fcv4 fcn Investments. 4: i | Loans 1 J \ VV V too | | Si + 53i '\ ' \ 5>S ^ Sit Sit. A S'3 Sio +^S \ til t 4<?£ 4M \ \v r/ *li tie < m 4-Ti 483 477 4^i t-od- p loi J-o4 to) I l\ 111 IIS n \ I \\ f 'lit 'lii igo m 114 % /83 /So '77 '7«* 11 7 \ HI 1 bi US lUt. I 1 \\ ~ 'ts /tr. ISL. IS3 /st /5i ISO m-i J3 * 15 IV < ? b 3 tvi hit bis tiv to"? Lob /s /v © t e o JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. i 16 — OCT NOV DEC. EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK OF ST. LOUIS (Including Branches). 1930 660,996 285,169 753.034 17,431 29,055 $1,745,685 $2,508,183 153,655 539,675 22,740 23,683 $3,247,936 170,659 542,016 48,501 86.791 136 462 1,300 13,061 16,508 29.230 902 27,197 17,006 66,135 20.792 9,611 12,385 17,758 21,829 13,592 42 99? 84", 661 15,554 33.731 $1,292,809 $ 170,402 556,708 48,187 84,961 401 273 1,300 12,095 18,287 30,951 837 24,327 15,159 59,824 22,779 10,090 17,996 20,966 20,822 12,591 40,185 96,283 16,000 36,929 $1,318,353 99,941 6,186 115,776 4,289 1.398.936 $1,438,418 $1,745,685 1,398,936 EARNINGS Discounted bills Purchased bills United States securities Deficient reserve penalties Miscellaneous Total earnings CURRENT EXPENSES Salaries : Bank officers Clerical staff Special officers and watchmen All other Governors' conferences Federal reserve agents' conferences^ Federal Advisory Council Directors' meetings ^Traveling expenses Assessments for Federal Reserve Board expenses Legal fees Insurance (other than on currency and security shipments). Insurance on currency and security shipments Taxes on banking house Light, heat and power Repairs and alterations, banking house Rent Office and other supplies Printing and Stationery Telephone Telegraph Postage Expressage Miscellaneous expenses Total, exclusive of cost of currency. 1929 $3,247,936 1,438,418 346,749 64,218 $1,809,518 $ 16,815 175,332 18.848 214,875 190,022 98,175 155,000 238,343 250,000 8,909 Federal reserve currei y, including shipping charges : Original cost Cost of redemption Total current expenses PROFIT AND LOSS ACCOUNT Earnings Current expenses Current net earnings Additions to current net earnings. $ Deductions from current net earnings: Bank premises—depreciation Furniture and equipment Reserve for probable losses Loss on sale of United States securities. Fund for self insurance All other Total deductions.^ Net earnings available for dividends, surplus and franchise tax Dividends paid Transferred to surplus account Transferred from surplus account Franchise tax paid United States Government REIMBURSABLE FISCAL AGENCY EXPENSES Salaries All other Total. 798 $ 409,853 1,114 315,839 $ 940,449 $ 885,884 319,231 56,665 '3147725 509,988 10,248 2,498 $ 12,517 $ 12,746 *Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. — 17 — DISCOUNTS AND INVESTMENTS OF FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING BRANCHES) Disc ount Rate Toteil Earning Asset I Held Bills Discounted He Id •4: United States Securi lies Held 5: ' Bills Bought Held CURVE 1: 2: 3: (AVERAGE FOR EACH WEEK) JUNE JAN. JULY SEPT. OCT, s 4 TV •54 4 44 t I 4 4 (2) JAN. MAR. APR. MAY JUNE — 18 JULY DEC. STATEMENT OF CONDITION OF FEDERAL RESERVE BANK OF ST. LOUIS (Including Branches). f Dec. 31, 1930 *Dec. 31,1929 RESOURCES Gold with Federal reserve agent Gold redemption fund with United States Treasury., Gold held exclusively against Federal reserve notes.. Gold settlement fund with Federal Reserve Board. Gold and gold certificates held by bank , $ 74,885 1,594 $ 84,630 5,734 $ 76,479 9/130 $ 90,364 21,021 5,497 $104,330 9,302 $116,882 8,581 $113,632 4,675 $125,463 6,531 Bills discounted: Secured by U. S. Government obligations., Other bills discounted $ 4,962 6,339 $ 12,555 5,383 Total bills discounted... Bills bought in open market. $ 11,301 10,788 $ 17,938 9,801 1,202 15,055 10,126 3,045 12,764 13,457 $ 26,383 29,266 30 $ 48,472 57,035 25 21,817 1,057 3,636 3,507 29 32,600 2,510 3,811 297 $196,821 $228,276 $ 84,599 $ 94,744 69,521 1,089 207 535 $ 79,771 1,197 224 303 Total deposits. Deferred availability items. Capital paid in Surplus All other liabilities $ 71,352 $ 23,934 5,053 10,562 1,321 $ 81,495 $ 34,549 5,268 10,877 1,343 Total liabilities., $196,821 $228,276 Total gold reserves Reserves other than gold Total reserves Non-reserve cash U. S. Government securities: Bonds Treasury notes Certificates and Bills Total U. S. Government securities., Other securities Total bills and securities. Due from foreign banks Uncollected items F. R. Notes of other banks. Bank premises All other resources Total resources. LIABILITIES Federal Reserve notes in actual circulation., Deposits: Member bank—reserve accountGovernment Foreign bank Other deposits Ratio of total reserves to deposit and Federal Reserve Note liabilities combined (per cent) Contingent liability on bills purchased for foreign correspondents *In thousands — 000 omitted. .18>21 72.9 71.2 15,642 $ 21,867 NOTE Statistics pertaining to the Federal Reserve Bank of St. Louis and the member banks will also be found in the annual report of the Federal Reserve Board, Washington, D. C. 19 —